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GST on Interest on Saving or FD
Is interest earned by an individual on money in Saving bank account or on Fixed Deposits supply of service under GST? Please reply with reference in the Act and rules.
Replies (4)
no any GST theron...its on debt return on inv.....
It is covered under negative list of service
Yes. It is supply of Service but Exempt under notification.
Entry No. 27 of Notification No. 12/2017- Central Tax (Rate):
Transaction in money where consideration is represented by Interest is supply under GST but the same has been exempted from the purview of GST through exemption notification.
So currently there is no GST on Interest income on deposit.
Thank you so much. Yes it is in exemption as mentioned by Mitul.
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